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28.10.202008:46 Forex Analysis & Reviews: Trading plan for the EUR/USD pair on October 28. Persistent rise of COVID-19 incidence in Europe; Low demand for the European currency.

Exchange Rates 28.10.2020 analysis

COVID-19 cases continue to surge in Europe. At the moment, France has already risen third place on the largest incident rate around the world, having recorded 33 thousand new infections a day. Next is Italy and Spain with about 20 thousand, followed by Poland and Czech Republic at 16 thousand. Lastly, Germany and Belgium has a record of 13 thousand

Exchange Rates 28.10.2020 analysis

EUR/USD - Demand for the euro has fallen sharply in the market. As a result, the quote has dropped below the level of 1.1785, emitting a strong bearish signal. However, this could also turn out to be just a false breakout again.

Open short positions from 1.1785 to 1.1830

In case of an upward reversal, open long positions from 1.1840 to 1.1795.

News on the US GDP, as well as statements from the ECB, could affect the direction of the market.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Jozef Kovach,
Esperto analitico di InstaForex
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